N.B. government projects $668.7-million deficit, about $120 million more than budgeted
The New Brunswick government's spending deficit for 2025-26 is now projected to be close to $120 million more than what was budgeted five months ago.
A revised deficit of $668.7 million was announced on Tuesday morning, compared to a deficit of $549 million detailed in the March budget.
'All provinces are grappling with the same deficit challenges, and trying to balance spending pressures, an aging population, aging infrastructure, a reduction in immigration targets, and the ever-changing global trade landscape,' said Finance Minister René Legacy during a news conference in Fredericton.
'We should have a better picture about the impact that tariffs and trade will have on our projections as we progress into the second and third quarters.'
Total revenue is now projected to be $59.6 million lower than budgeted, with total expenses $60 million higher than budgeted.
The net debt is projected at $13.6 billion.
Legacy said the revenue shortfall is due to a reduction in federal conditional grants, with higher expenses resulting from increased spending in the departments of health, and social development.
More to come…
For more New Brunswick news, visit our dedicated provincial page.
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